India Forex`s technical outlook on currencies

India Forex has come out with its report on currencies

EUR: Euro is currently trading at 1.3248 levels. Euro is positive on Investors speculation that somehow Greece will avert default and will strike a deal with its private Investors although ground reality as for now is very different and Greek parties will try yet again today to strike a reform deal in return for the new international rescue. Yesterday German Industrial Production m/m data came out weaker. Support is seen at 1.3136 levels (55 days daily EMA) and resistance is seen at 1.3318 levels (100 days daily EMA). EUR/INR is at 65.00 levels. EUR/INR is like to trade in the range of 64.80 and 65.30 levels for the week. Short Term Bullish Medium Term Bearish.

GBP: GBP is currently trading at 1.5897 levels. The cable is trading positive vs. the US Dollar, tracking positive Euro and risk senti-ment in the global market. Support is seen at 1.5809 levels (200 day daily EMA) while resistance is seen at 1.5944 levels (100 days weekly EMA). GBP/INR is at 77.98 levels. GBP/INR is likely to trade in the range of 77.80 to 78.30 levels today. Maintain short term Bearish and Medium term Bearish.

AUD: The Aussie is trading at 1.0788 levels. Support is at around 1.0740 levels (21days 4hrly EMA) and next 1.0510 (21days Daily Ema), Resistance at around 1.0800. Exporters can cover at current levels and importers can cover near 1.0300 - 1.0400 levels. Short Term: Neutral Medium Term: Bearish. Target: 1.0300 levels.

JPY: Yen is currently trading at 76.95 levels. JPY Current Account data came out better at 0.75T v/s 0.63T. Support is seen at around 76.60 levels while resistance is seen at 77.04 levels (55 days daily EMA). Outlook: Short Term slight Bullish and Medium Term: Maintain bearish for JPY Target 78 again.

Oil: Oil is currently trading at 98.82 levels, breaking the resistance mentioned yesterday (55 days daily EMA). Crude was helped by a possible deal in Greece, which would help avoid a breakdown of the growth in the world economy and demand for riskier assets. The crude oil inventories by the EIA today are something to watch out in this space. Support is seen at 98.13 levels (55 days daily EMA) and resistance is seen at around 100 levels. Outlook: Short term bearish and medium term bearish. Target: 95 levels . Look at shorts at stiff resistances for medium term.

Gold: Gold is currently trading at 1747.30 levels, hitting a low of 1712 levels before news of a possible deal in Greece started do-ing the rounds. This led to the plummeting of the Dollar and an eight week high for the Euro, leading to a rise in the yellow metal. Support is seen at around 1719 levels while resistance is seen at around 1757 levels. Outlook stays bearish: Look at shorts. Target 1700 again.

Dollar Index: DI is currently trading at 78.56 levels. DI collapsed strongly today on optimism that Greece deal will be struck and default will be avoided. Support is seen at 78.02 levels (200 days daily EMA) and resistance is seen at 79.39 levels (55 days daily EMA). Short term and Medium Term: Bullish. Next target 81 levels.

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